Speaking at the 108th annual meeting of the National Petrochemical and Refiners Association (NPRA), Deming said the oil industry’s message that cap-and-trade is detrimental to the American economy must be stepped up.

“We need to ramp up engagement and show the facts - Americans really don’t want to pay more for energy,” Deming said.

A cap-and-trade mandate would impose increasing limits, or caps, on US industrial emissions of carbon dioxide (CO2) and other greenhouse gases (GHG). It would also sell emissions credits to manufacturers, who could then trade the permits to other producers whose emissions exceed allowances.

“Ultimately, that cost will be passed on to the consumer,” Deming said.

Eighty-five percent of global energy use will still be fossil fuel-driven by 2030, Deming said, implying that carbon-cutting efforts to reduce global warming are ultimately fruitless as energy usage in emerging economies, such as ?xml:namespace>China and India, will continue to grow rapidly.

Technological advancements made by the oil and gas sector will continue to extend the life of existing oilfields, while efficiency and exploration investments will lead to further discoveries and more economic usage of oil and gas, Deming said.